Hot Springs Portfolio

$10,200,000

4253 Central Ave, Hot Springs, AR 71913

Details

  • $10,200,000

Investment Overview:

The Hot Springs Portfolio is an opportunity to purchase three limited service hotels in Hot Springs, Arkansas. The portfolio consists of a 97-room La Quinta Inn & Suites, a 90-room, Quality Inn & Suites, and a 59-room Country Inn & Suites. The properties must be sold together as a portfolio. Detailed historic operating documentation and third-party reports can be requested from the agent. Prospective purchasers are encouraged to visit the subject property prior to submitting offers. However, all property tours must be arranged with the Marcus & Millichap listing agents. Please do not contact the tenants, on-site management or staff without prior approval.

The Hot Springs Portfolio is offered for sale at $10.2 million which is less than 3.1 times the 2016 Room Revenue. At $41,463 per door, the Hot Springs Portfolio is priced well below replacement cost. The three hotels are located at the top of Central Avenue; a major road that passes through Hot Springs and all the main attractions. Visitors that come into the city year round pass by the hotel complex on their way to Lake Hamilton and other places of interest. With operating three limited service hotels in the same location, an owner can take advantage of proper revenue management and tiered rates. An experienced owner operator should immediately be able to improve the existing NOI by reducing the current payroll and various other expenses.

Property Overview:

La Quinta Inn & Suites:
The La Quinta Inn & Suites Hot Springs is a 97-room, interior corridor, limited service hotel. Built in 2000, this well-maintained hotel is constructed of a wood frame, flat roof, and a stucco/ brick exterior. The hotel offers amenities such as a business center, fitness center, indoor pool, and breakfast bar with dining area. Spacious guest rooms are equipped with luxurious pillow-top beds that are complimented with refrigerators, microwaves, and flat screen televisions.

Quality Inn & Suites:
The Quality Inn & Suites Hot Springs is a 90-room, exterior corridor, limited service hotel. The property was built in 1959, is comprised of two buildings and is two stories tall with a metal roof and a brick exterior. Common area amenities include an outdoor pool, business center and meeting room that accommodates up to 70 people. All guest rooms include work desks and flat screen televisions. Suites come equipped with refrigerators, microwaves and coffee makers. Non-smoking rooms are also available, and a newsstand is located on the property for guest convenience.

Country Inn & Suites:
The Country Inn & Suites Hot Springs is a 59-room, interior corridor, limited service hotel. This three-story property was constructed in 2004 and features a metal roof and stucco exterior. Hotel amenities include a heated indoor pool and whirlpool tub, fitness center, and breakfast bar with dining area. Rooms feature coffeemakers, work desks, and cable televisions. Suites offer refrigerators, microwaves, and personal whirlpool tubs.

Location Overview:

Hot Springs, Arkansas is a city in the Ouachita Mountains of Arkansas. The properties are in close proximity to some of Hot Springs, Arkansas’s attractions including the Theatre of Magic, Crater of Diamonds State Park, Crystal mines and Museum, Pirate’s Cove Adventure Golf and Mid America Science Museum. They are also within a few miles of National Park Medical Center and St. Joseph’s Medical Center. Major local businesses, include Xerox, Alliance Rubber Company, Bycin Industries, Blue Cross Blue Shield, Reynolds Metal Company and many more.

Broker of Record:
Anne Williams
License: AR SA00066390

 

Agent for this listing

Chris Gomes

Senior Managing Director Investments, National Hospitality Group
Office: (972) 755-5302
Mobile: (972) 786-2719
Fax: (972) 755-5210
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Ebrahim Valliani

Associate, National Hospitality Group
Office: (773) 867-1458
Mobile: (773) 331-5340
Fax: (773) 867-1510 fax
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